Last Friday the sale of the bank-owned St. Regis penthouse closed for $28,000,000.
Back in 2008, Curbed told you that real estate mogul Victor MacFarlane put up his unfinished St. Regis penthouse up for sale - at $70 million. MacFarlane bought the penthouse, which was three separate units on two floors, for a total of $30 million. It would have been the highest sale in town if someone plopped down $70M for it. Shoot forward less than a year from its listed date, and the penthouse took a $20 million price reduction, bringing down its asking price to $49M. Construction of the penthouse was completed, and it's now a 6-bed, 6-full bath 4-half bath condo that clocks in at 20,000 square feet.
In 2011, the penthouse became bank-owned and totally affordable. Just kidding! But it was its cheapest ever at $35 million. The Wall Street Journal pointed out that it was "likely the most expensive bank-owned, single-family residential real estate listing in the country." So, who's the buyer? No one knows, as every party involved in the transaction is tied to an NDA. We'll let you know who the lucky buyer is as soon as our housewarming invitation arrives in the mail.
· Condo Sale Sets Record for San Francisco [WSJ]
· On the Market: $70 Million Mindfuck at the Saint Regis [Curbed SF]
· Render Porn: St. Regis Penthouse [Curbed SF]
· High-Flying St. Regis Penthouse Last Known to Be Asking $49 Mil [Curbed SF]
· Fanciful St. Regis Penthouse Now Bank-Owned and Half Off [Curbed SF]